IDBI Bank Personal Loan for Lawyers

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IDBI Bank introduces a Personal Loan exclusively designed for lawyers, catering to their financial requirements. This specialised loan offers the flexibility and backing lawyers need to fund legal education, grow their practice, or cover personal events. With competitive interest rates, an efficient application procedure, and flexible repayment options, lawyers can concentrate on their clients and legal matters, alleviating financial stress.

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Table of Content

1. IDBI Bank Personal Loan for Lawyers Highlights

2. Compare Lawyer Loan from other banks

3. IDBI Bank Lakh Personal Loan for Lawyers Fees

4. IDBI Bank Lakh Personal Loan for Lawyers Documents Required

5. IDBI Bank Lakh Personal Loan for Lawyers Eligibility Criteria

Written By

Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

IDBI Bank Personal Loan for Lawyers – Highlights

Feature	Description
Who Are Eligible?	Salaried or Self-employed professionals with stable income, ages 21-60, and good credit scores.
Maximum Loan Amount	Up to a specified amount based on income, creditworthiness, and loan purpose.
Loan Tenure	12 to 60 months, offering flexibility in repayment duration.
Margin	A required margin percentage of the total loan amount is applicable in certain cases.
Upfront Fee	A one-time processing fee covers administrative costs, specified as a percentage or fixed amount.
Collateral/Security	Required for certain loan amounts/types, including property, fixed deposits, or other tangible assets.

Compare Lawyer Loan from other banks

Banks/NBFCs	Interest Rates(p.a.)
HDFC’s Loans for professionals	14.50% to 15.50%
Karur Vasya Bank’s Loan for Working Professionals	MCLR + 3.35% = 13.25%
OBC’s Scheme for Loans to Professionals (Other than Doctors)	11.45% to 13.45%
Andhra Bank Professional Loan	13.5%

IDBI Bank Lakh Personal Loan for Lawyers – Fees

Fee Type	Details
Processing Fee	1% of the loan amount, with a minimum of Rs. 2,500.
Foreclosure Charges	– Within 12 months of disbursement: 3% of the outstanding amount. – Between 12 to 24 months: 1% of the outstanding amount. – After 24 months: No charge.
Part Payment Charges	– Within six months of disbursement: 3% of the outstanding amount. – After six months: No charge. – Maximum part payment allowed is 10% of the outstanding amount, subject to a minimum of Rs. 10,000. – Up to 3 part payments allowed per year, with a minimum interval of 90 days.
Penal Interest Charges	4% per annum on the overdue amount for the delay period, applicable to all variants of the personal loan.

IDBI Bank Lakh Personal Loan for Lawyers – Documents Required

Here are the documentation details:

Proof of Identity: Aadhaar Card, PAN Card, Passport, or government-issued ID.
Proof of Residence: Utility bills, Aadhaar, or Passport to verify the current living address.
Income Evidence: Recent income tax returns (typically for the last 2-3 years) reflect a stable income. If salaried, salary slips of at least six months.
Bank Statements: The bank statements from the past six months assess financial behaviour and income consistency.
Business Proof: Relevant documents proving business existence and operation for at least 3 years.
Additional documents: Certification and licence of practising law.

IDBI Bank Lakh Personal Loan for Lawyers – Eligibility Criteria

Having a good credit history demonstrates responsible borrowing behaviour.
Consistent income from your business or salaried position is essential.
Your business should be operational for at least three years, or you should have been with your current employer for at least a year with 2 years of work experience.
Be prepared to submit documents like tax returns and bank statements for verification.
While not always mandatory, having a pre-existing account with IDBI Bank may be beneficial.